I'm feeling that I am being milked and preparing to get my attorney involved if we don't settle this soon.

And lastly, market risks and mismanaged funds can also create major headaches, especially for those involved in lending groups.

Then there were some issues with the inspection report that ruined 3 contracts prior to me getting involved.

Converting your condo into an investment property and transferring it into an LLC is a smart move for liability protection.You’re correct that retitling the property involves Chicago’s transfer tax, which can be substantial.

Sounded like there was heavy paperwork involved.  

For example, you might agree to a 70/30 or 60/40 split, depending on his level of involvement.

Companies that know what they're doing don't get involved with the race to the bottom. 

I think it speaks volumes regarding your care to the situation the heir is involved in.

Quote from @Garry Lawrence: I need advice on a serious situation involving a property I’m about to buy.

I would tend to agree with the other CPAs typically.The 500-hour test is one of seven material participation tests used by the IRS to determine if a taxpayer is actively involved in a trade, business, or rental activity.